Refrigeration leak detectors, or refrigerant detectors, are devices utilized to check and contain the oozing of chemicals such as chlorofluorocarbons (CFCs) or hydrochlorofluorocarbons (HCFCs). Refrigerant leak detectors are being extensively applied in both commercial and household grade refrigerators. Restaurants, hotels, catering facilities, bakeries, supermarkets, cold storage facilities and medical facilities all use refrigeration systems where leak detectors are imperative to ensure safety and avoid equipment downtime.
Worldwide, countries are increasingly concerned about global warming. The global warming potential (GWP) indicator was created to gauge the extent of personal contribution. The extent of environmental harm is greater the higher the GWP. This range includes CFCs and HCFCs.
When released into the atmosphere, the aforementioned gases trap enormous amounts of heat. Therefore, it is crucial to install leak checking devices in HCFC and CFC-using appliances. The annual production and consumption of ozone-depleting substances per capital must be less than 0.3 kg in accordance with the Montreal Protocol.
Throughout the forecast period, all of these developments are anticipated to increase demand for refrigerant leak detectors. 3.1% CAGR is forecast for the forecast period.
Similar to other industries, the refrigeration leak detector market depends on technological development to expand and grow. The development of information technology has created open areas for the creation of clever solutions to stop gas leaks.
The push towards smart and environmental-friendly technologies is pushing manufacturers to develop advanced leak detection systems. Tek Tronics is amongst a host of vendors specializing in this area. Its system is equipped with wireless sensors which provide centralized monitoring for up to 150 points.
North America is anticipated to register substantial growth in the next decade. The region is expected to create an incremental $ opportunity worth US$ 5.5 Mn by 2030, with the U.S contributing the maximum revenue share.
Extensive legal sanctions curbing adoption of CFCs and HFCs are attributed to be key drivers behind the region’s accelerating share. In the U.S, the Environmental Protection Agency (EPA) has established upper limits regarding the emission levels from different verticals.
Amongst all countries, India represents the most lucrative opportunity for the proliferation of refrigeration leak detectors market. Surging disposable income levels have enabled residents to purchase air-conditioning systems. More than 80% of Indian households are equipped with an air conditioner.
On the back of these trends, the South Asia & Pacific market will reach a value of US$ 29.5 Mn by 2030-end, expanding steadily at a CAGR of 4.2%.
In addition to this, other players profiled in the report are as follows:
- MSA Safety
- ACME Engineering
- Ritchie Engineering
- Fieldpiece Instruments Inc.
- CPS Products Inc.
- Emerson Electric Co.